HOUSTON--(BUSINESS WIRE)--Liquids terminaling and logistics provider Moda
Midstream, LLC (“Moda”) today announced it has entered into a
definitive agreement to acquire the Oxy Ingleside Energy Center (“IEC”
or the “Ingleside Energy Center”) and certain crude oil and LPG
infrastructure from Occidental
Petroleum Corporation (“Occidental”) (NYSE: OXY). The transactionis
expected to close in the third quarter of 2018, subject to customary
closing conditions. IEC is a storage and export terminal that provides
access to global markets for crude oil and LPG producers and marketers.

IEC is strategically located in Ingleside, Texas, near the mouth of
Corpus Christi Ship Channel with minimal transit times to the Gulf of
Mexico. The terminal links Eagle Ford Shale and Permian Basin production
to key domestic and international markets. IEC will be connected
directly to multiple “next generation” long-haul crude pipelines that
allow for batching and segregation of crude oil deliveries at some of
the most competitive tariffs available to shippers. IEC is designed to
handle a wide range of vessels, including very large crude carriers
(“VLCCs”), at high loading rates to maximize shipping economics for its
customers. IEC has approximately 2.1 million barrels of oil storage
capacity and three deep-water berths for crude oil. The facility
currently is undergoing expansion to add storage capacity and
infrastructure for contracted customer growth and to facilitate
additional development. IEC has ample footprint for additional expansion
opportunities at the 900-acre site.

As part of the transaction, Moda also acquired LPG storage, berths and
infrastructure, certain crude oil pipeline assets and offsite logistics
locations. Looking forward, Moda plans to expand services through
controlled-growth development for additional hydrocarbons expected to
reach IEC in the coming years.

Established in 2015, Moda provides independent terminal, storage and
distribution solutions to marketers and producers of crude oil and
condensate, refiners, petrochemical manufacturers, LPGs, refined
products and other bulk liquids. Moda currently is developing two
world-class liquids terminaling projects in other top tier markets in
the U.S. Gulf Coast. The company is focused on providing safe, reliable
solutions for third parties’ storage and transportation needs. Moda is
partnered with equity capital provider EnCap
Flatrock Midstream and led by a highly experienced management team.
Moda’s founders have a long and successful history of working together
in the storage and terminaling industry. Their assembled team has more
than 130 years of cumulative experience in terminal logistics,
marketing, engineering, operations and finance.

“We are excited to have the opportunity to continue building on
Occidental’s vision of the Ingleside Energy Center as a premier export
terminal in the U.S. Gulf Coast. We see enormous growth potential and
look forward to providing exceptional service to our existing and new
customers for years to come,” said Moda President and CEO Bo McCall.
“Today’s acquisition is a milestone achievement for Moda and is a
significant leap forward in realizing our vision to build a leading
independent terminaling company with a deep presence in the U.S. Gulf
Coast. We look forward to bringing our disciplined, safety-first
operations approach and creative commercial mindset to IEC. We value
strong customer and partner relationships, while providing a safe
environment for our associates and the local communities in which we
operate.”

“Moda has an outstanding team that is very well-known and respected
across the industry,” said EnCap Flatrock Midstream Managing Partner and
Founder Billy Lemmons, also a member of the Moda board of directors. “We
are very enthusiastic about this acquisition and look forward to working
with Moda on the growth of this uniquely positioned terminal asset.

About Moda Midstream, LLC

Moda Midstream, LLC is a liquids terminaling and logistics company that
provides independent terminal, storage and distribution solutions to
refiners, petrochemical manufacturers, marketers and producers of crude
oil, condensate, NGLs, refined products and other bulk liquids. Moda
concentrates on providing safe, reliable solutions to third parties on a
first-come-first-served basis. Moda’s goal is to be the logistics and
terminaling provider of choice for solutions that offer the connectivity
and optionality its customers value. Please visit www.modamidstream.com.

About EnCap Flatrock Midstream

EnCap Flatrock Midstream provides value-added growth capital to proven
management teams focused on midstream infrastructure opportunities
across North America. The firm was formed in 2008 by a partnership
between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based
in San Antonio with offices in Oklahoma City and Houston, the firm
manages investment commitments of nearly $9 billion from a broad group
of prestigious institutional investors. EnCap Flatrock Midstream is
currently making commitments to new management teams from EFM Fund IV, a
$3.25 billion fund. For more information please visit www.efmidstream.com.